Stock-Based Compensation

3 Months Ended

Mar. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

Note 6.  Stock-Based Compensation

The shareholders approved a stock option plan on August 6, 2013, the 2013 Equity Incentive Plan (“2013 Plan”). The 2013 Plan is for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, cash bonuses and other stock-based awards to employees, directors and consultants of the Company.

There have been no options issued in the three months ended March 31, 2017.

A summary of the 2013 Plan for the three months ended March 31, 2017 is as follows:

	Number of		Weighted Average
	Options		Exercise Price
Outstanding at  January 1, 2017		141,250		14.82
Outstanding at March 31, 2017		141,250		14.82

As at March 31, 2017 there was unrecognized compensation expense of approximately $140,000 to be recognized over the remaining vesting periods.

At March 31, 2017, 822,667 shares of common stock were reserved for all outstanding options and future commitments under the 2013 Equity Incentive Plan.

Prior to the 2013 Plan the Company issued stock options to employees “Other Stock Options”.

A summary of the Company’s other stock options for the three months ended March 31, 2017 is as follows:

	Number of		Weighted Average
	Options		Exercise Price
Outstanding at January 1, 2017		145,950	$	3.18
Outstanding at March 31, 2017		145,950	$	3.18

As of March 31, 2017 there was unrecognized compensation expense of approximately $32,000, related to Other Stock Options, to be recognized over the remaining vesting period.